UNFOLDING ORGANIZATIONAL RISK AND COST ASSOCIATION FROM STAKEHOLDERS PERSPECTIVE: EVIDENCE FROM ASIAN EMERGING MARKETS

In this study we extend the conventional risk-return debate to a more intriguing and practically significant conundrum of risk-cost association. The analysis is performed on large sample of 4609 listed companies operating in nine Asian emerging markets, using 2SLS estimation. We established that risk act as a specter and have consequences for long term contractual relationship between key stakeholders and organization. Further, organizational costs are directly affected by organizational risks hence it also provides an immediate opportunity to management to take corrective measures. As whole, the empirical evidence provides an essential perspective and insight to understand the nature of organizational risk, slack, stakeholders and it implication for organizational costs in Asian emerging markets.

UNFOLDING ORGANIZATIONAL RISK AND COST ASSOCIATION FROM STAKEHOLDERS PERSPECTIVE: EVIDENCE FROM ASIAN EMERGING MARKETS

In this study we extend the conventional risk-return debate to a more intriguing and practically significant conundrum of risk-cost association. The analysis is performed on large sample of 4609 listed companies operating in nine Asian emerging markets, using 2SLS estimation. We established that risk act as a specter and have consequences for long term contractual relationship between key stakeholders and organization. Further, organizational costs are directly affected by organizational risks hence it also provides an immediate opportunity to management to take corrective measures. As whole, the empirical evidence provides an essential perspective and insight to understand the nature of organizational risk, slack, stakeholders and it implication for organizational costs in Asian emerging markets.Â

Comparison of Weibull and Gaussian Mixture Models for Wind Speed Data Analysis

In order to have a reliable estimate of wind energy potential of a site, high frequency wind speed and direction data recorded for an extended period of time is required. Weibull distribution function is commonly used to approximate the recorded data distribution for estimation of wind energy. In the present study a comparison of Weibull function and Gaussian mixture model (GMM) as theoretical functions are used. The data set used for the study consists of hourly wind speeds and wind directions of 54 years duration recorded at Ijmuiden wind site located in north of Holland. The entire hourly data set of 54 years is reduced to 12 sets of hourly averaged data corresponding to 12 months. Authenticity of data is assessed by computing descriptive statistics on the entire data set without average and on monthly 12 data sets. Additionally, descriptive statistics show that wind speeds are positively skewed and most of the wind data points are observed to be blowing in south-west direction. Cumulative distribution and probability density function for all data sets are determined for both Weibull function and GMM. Wind power densities on monthly as well as for the entire set are determined from both models using probability density functions of Weibull function and GMM. In order to assess the goodness-of-fit of the fitted Weibull function and GMM, coefficient of determination (R2) and Kolmogorov-Smirnov (K-S) tests are also determined. Although R2 test values for Weibull function are much closer to ‘1’ compared to its values for GMM. Nevertheless, overall performance of GMM is superior to Weibull function in terms of estimated wind power densities using GMM which are in good agreement with the power densities estimated using wind data for the same duration. It is reported that wind power densities for the entire wind data set are 307 W/m2 and 403.96 W/m2 estimated using GMM and Weibull function, respectively

Facial image encryption for secure face recognition system

A biometric authentication system is more convenient and secure than graphical or textual passwords when accessing information systems. Unfortunately, biometric authentication systems have the disadvantage of being susceptible to spoofing attacks. Authentication schemes based on biometrics, including face recognition, are susceptible to spoofing. This paper proposes an image encryption scheme to counter spoofing attacks by integrating it into the pipeline of Linear Discriminant Analysis (LDA) based face recognition. The encryption scheme uses XOR pixels substitution and cellular automata for scrambling. A single key is used to encrypt the training and testing datasets in LDA face recognition system. For added security, the encryption step requires input images of faces to be encrypted with the correct key before the system can recognize the images. An LDA face recognition scheme based on random forest classifiers has achieved 96.25% accuracy on ORL dataset in classifying encrypted test face images. In a test where original test face images were not encrypted with keys used for encrypted feature databases, the system achieved 8.75% accuracy only showing it is capable of resisting spoofing attacks

Simultaneous determination of domperidone and Itopride in pharmaceuticals and human plasma using RP-HPLC/UV detection : method development, validation and application of the method in in-vivo evaluation of fast dispersible tablets

Domperidone and Itopride are pro-kinetic agents, regulating the gastric motility and are commonly prescribed as anti emetic drugs. In the present study a simple, rapid and sensitive RP-HPLC/UV method was developed for simultaneous determination of Domperidone and Itopride in pharmaceutical samples and human plasma, using Tenofavir as internal standard. Experimental conditions were optimized and method was validated according to the standard guidelines. Combination of water (pH 3.0) and acetonitrile (65:35 v/v) was used as mobile phase, pumped at the flow rate of 1.5 ml/min. Detector wavelength was set at 210 nm and column oven temperature was 40oC. Unlike conventional liquid-liquid extraction, simple precipitation technique was applied for drug extraction from human plasma using acetonitrile for deprotienation.The method showed adequate separation of both the analytes and best resolution was achieved using Hypersil BDS C8 column (150 mm × 4.6 mm, 5 μm). The method was quite linear in the range of 20-600 ng/ml. Recovery of the method was 92.31% and 89.82% for Domperidone and Itopride, respectively. Retention time of both the analytes and internal standard was below 15 min. The lower limit of detection (LLOD) and lower limit of quantification (LLOQ) for Domperidone were 5 and 10 ng/ml while for Itopride was 12 and 15 ng/ml, respectively. The developed method was successfully applied for in-vivo analysis of fast dispersible tablets of Domperidone in healthy human volunteer. The proposed method was a part of formulation development study and was efficiently applied for determination of the two drugs in various pharmaceutical products and human plasma

Does corporate risk management lead to risk mitigation and firm performance? Evidence from Asian Emerging Markets

Purpose: This study aims to verify the significance of Andersen (2008) corporate risk management framework in Asian emerging markets to control firm risk and improve firm performance. Design/methodology/approach: The cross-sectional analyses are performed on a sample of 4609 firms across nine Asian emerging countries using 2SLS estimation technique. Findings: The empirical findings show that the adoption of corporate risk management not only enhances firm performance by increasing the firm ability to capitalize on the market opportunity but also plays a significant role in reducing firm risk. Our findings assert that by institutionalizing risk management practices into an integrated corporate risk management framework, the firm can reap multiple benefits by maintaining better contractual agreements and strategic partnerships with key stakeholders. Originality: The study shifts the focus of corporate risk management away from Western countries toward AEM, which has been afflicted by high risks and uncertainties. The effectiveness of corporate risk management against firm risk is established by dividing firm risk into firm-specific risk and systematic risk. Furthermore, we also establish that corporate risk management not only leads to high returns but also reduces firm operational and production costs. Overall, the study provides a compelling argument to implement CRM for improving organizational performance and managing risks in a strategic and integrated manner. The findings are also relevant to risk management practitioners, as well as to academicians interested in the broader fields of corporate finance and strategy

Does prospect theory explain Bowman's paradox in Asian emerging markets?

Purpose This study aims to extend Bowman's risk–return paradox to Asian emerging markets and explain its causes under the prospect theory. Design/methodology/approach The study is conducted on a cross-sectional sample of 4,609 firms across nine Asian emerging countries. The two stage least squares (2SLS) estimation technique is used to evaluate the three objectives of the study, i.e. Bowman's risk–return paradox, significance of firm-specific risk and prospect theory explanation of Bowman's paradox. Findings The authors challenge the two basic financial economics arguments that higher risk is rewarded with higher return, and firm-specific risk is diversifiable. The empirical findings confirm the negative impact of firm-specific and systematic risk on firm return, thus, corroborates the Bowman's explanation of risk–return trade-off. However, the authors did not find empirical evidence to support prospect theory's explanations of Bowman’s paradox in Asian emerging markets. Originality/value A holistic approach is adopted to analyze the various aspects of Bowman's paradox and its causes for the same time period, variables and sample. The authors also rectified several methodological limitations observed in previous studies, i.e. the use of same proxies for firm return and risk, endogeneity and survivorship issues. Furthermore, the findings of this study will enable managers to formulate critical viewpoint on firm-specific risk and systematic risk and take informed strategic decisions regarding optimum utilization of their firm's key resources in Asian emerging markets

Phytochemical profiling of Costus (Saussurea lappa Clarke) root essential oil, and its antimicrobial and toxicological effects

Purpose: To carry out gas chromatography-mass spectrometry (GC-MS) analysis of the phytochemical content of the root essential oil of Saussurea lappa Clarke Asteraceae (Costus, SLEO), and to evaluate its physicochemical, antimicrobial and cytoxic properties. Methods: The oil was extracted from the plant’s roots by steam distillation using a Clevenger system. Various physicochemical parameters for the oil including refractive index, color, acid value, saponification number, ester and peroxide values were measured. Flavonoid content was assessed using thin layer chromatography (TLC). Thermoscientific trace ultra gas chromatograph equipped with a Thermoscientific capillary TR-5MS column was utilized to determine the volatile components of SLEO. Antimicrobial activity of SLEO was performed against various Gram (+ve) and Gram (-ve) microorganisms, viz, Bacillus subtilis, Staphylococcus aureus, Escherichia coli, Pseudomonas aeruginosa and Candida albicans, while cytotoxic effect was monitored using Artemia salina (brine shrimp) lethality assay. Results: Essential oil yield was good (3 %). Concentration-dependent antimicrobial effects were observed on all test microorganisms and no marked difference in lethality levels was observed among the tested SLEO concentrations on brine shrimp (p < 0.05). The main component of SLEO was costunolide or eudesma-5,11(13)-dien-8,12-olide (52.01 %). Conclusion: The results indicate the promising therapeutic properties of S. lappa. However, further phytochemical and biological investigations are required to establish the mechanism of action and toxicological the extract

Di-n-butyl­bis(N-n-butyl-N-ethyl­dithio­carbamato-κS)tin(IV)

The Sn atom in the title compound, [Sn(C4H9)2(C7H14NS2)2], exists in a tetra­hedral C2S2Sn coordination geometry. The geometry is distorted towards skew-trapezoidal-bipyramidal owing to the proximity of the double-bond S atoms [Sn—S = 2.521 (2) and Sn⋯S = 2.933 (2) Å]. The Sn atom lies on a special position of mm2 site symmetry and the tin-bound n-butyl chain is disordered about a mirror plane. The ethyl and n-butyl groups of the dithio­carbamate unit are disordered about another mirror plane